GLOBAL BROKERAGE, INC. Global Brokerage, Inc.
Consolidated Statement of Financial Condition
As of September 30, 2022 (In thousands, except share data)
(unaudited)
Assets | ||
Current assets | ||
Cash and cash equivalents | $ | 82,001 |
Cash and cash equivalents, held for customers | 249,162 | |
Due from brokers | 758 | |
Accounts receivable, net | 3,857 | |
Other assets - Current | 4,108 | |
Tax receivable | 232 | |
Total current assets | 340,118 | |
Deferred tax asset | 149 | |
Office, communication and computer equipment, net | 24,456 | |
Operating lease right-of-use-assets | 6,868 | |
Other intangible assets, net | 1,007 | |
Other assets - Non-current | 3,597 | |
Total assets | $ | 376,195 |
Liabilities, Redeemable non-controlling interest and Stockholders' deficit | ||
Current liabilities | ||
Customer account liabilities | $ | 249,162 |
Accounts payable and accrued expenses | 20,297 | |
Due to brokers | 7,591 | |
Operating lease liabilities - current | 4,317 | |
Credit Agreement | 39,614 | |
New Secured Notes | 224,202 | |
Other liabilities - current | 270 | |
Total current liabilities | 545,453 | |
Operating lease liabilities - Non-current | 7,380 | |
Other liabilities - Non-current | 993 | |
Total liabilities | 553,826 | |
Redeemable non-controlling interest | 44,730 | |
Stockholders' deficit | ||
Class A common stock, par value $0.01 per share; 3,000,000,000 shares authorized, | ||
8,247,997 shares issued and outstanding | 82 | |
Additional paid-in-capital | 361,197 | |
Accumulated deficit | (582,952) | |
Accumulated other comprehensive loss | (3,771) | |
Total stockholders' deficit Global Brokerage, Inc. | (225,444) | |
Other non-controlling interests | 3,083 | |
Total stockholders' deficit | (222,361) | |
Total liabilities, Redeemable non-controlling interest and Stockholders' deficit | $ | 376,195 |
Global Brokerage, Inc.
Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2022
(In thousands, unaudited)
September 30, 2022 | ||||
Three Months | Nine Months | |||
Revenues | ||||
Trading revenue | $ | 31,382 | $ | 99,107 |
Interest Income | 424 | 549 | ||
Other income | 466 | 1,563 | ||
Total net revenues | 32,272 | 101,219 | ||
Operating Expenses | ||||
Compensation and benefits | 11,887 | 36,322 | ||
Referring broker fees | 1,572 | 5,196 | ||
Advertising and marketing | 4,451 | 14,236 | ||
Communication and technology | 3,303 | 10,325 | ||
Trading costs, prime brokerage and clearing fees | 576 | 1,596 | ||
General and administrative | 5,869 | 19,899 | ||
Depreciation and amortization | 2,239 | 7,412 | ||
Total operating expenses | 29,897 | 94,986 | ||
Operating Income | 2,375 | 6,233 | ||
Other Expense | ||||
Interest on borrowings | 11,349 | 32,452 | ||
Loss from continuing operations before income taxes | (8,974) | (26,219) | ||
Income tax provision | 192 | 678 | ||
Loss from continuing operations | (9,166) | (26,897) | ||
Income from discontinued operations, net of tax | 36,537 | 37,289 | ||
Net Income | 27,371 | 10,392 | ||
Net income attributable to redeemable non-controlling interest in | 33,853 | 36,108 | ||
FXCM Group, LLC | ||||
Net income attributable to other non-controlling interests | 4,331 | 4,609 | ||
Net loss attributable to Global Brokerage, Inc. | $ | (10,813) | $ | (30,325) |
Loss from continuing operations attributable to Global Brokerage, Inc. | (13,885) | (33,662) | ||
Income from discontinued operations attributable to Global Brokerage, | 3,072 | 3,337 | ||
Inc. | ||||
Net loss attributable to Global Brokerage, Inc. | $ | (10,813) | $ | (30,325) |
Weighted average shares of Class A common stock outstanding - | 8,248 | 8,248 | ||
Basic and Diluted | ||||
Net (loss) income per share attributable to stockholders of Class A | ||||
common stock of Global Brokerage, Inc. - Basic and Diluted: | ||||
Continuing operations | $ | (1.68) | $ | (4.08) |
Discontinued operations | 0.37 | 0.40 | ||
Net loss attributable to Global Brokerage, Inc. | $ | (1.31) | $ | (3.68) |
Global Brokerage, Inc.
Consolidated Statements of Comprehensive Income
For the Three and Nine Months Ended September 30, 2022
(In thousands, unaudited)
September 30, 2022
Three Months | Nine Months |
Net income
Other comprehensive income (loss)
Foreign currency translation loss, net of tax Other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to redeemable non-controlling interest in FXCM Group, LLC
Comprehensive income attributable to other non- controlling interests
Comprehensive loss attributable to Global Brokerage, Inc.
$ | 27,371 | $ | 10,392 |
(1,244)(2,756)
26,1277,636
33,23134,730
4,3314,609
$ | (11,435) | $ | (31,703) |
Global Brokerage, Inc.
Consolidated Statement of Cash Flows
For the Nine Months Ended September 30, 2022
(In thousands, unaudited)
Cash Flows From Operating Activities Net income
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation
Right-of-use assets amortization
Deferred tax expense
Amortization of discount - New Secured Notes
Amortization of issuance cost - New Secured Notes
Paid-in-kind interest - New Secured Notes
Changes in operating assets and liabilities:
Due from brokers
Accounts receivable, net
Tax receivable
Other assets - Current
Other assets - Non-current
Customer account liabilities
Accounts payable and accrued expenses
Lease liabilities
Other liabilities - Current
Other liabilities - Non-current
Due to brokers
Foreign currency remeasurement loss
Net cash provided by operating activities
Cash Flows From Investing Activities
Purchases of office, communication and computer equipment Payments for software development costs
Net cash used in investing activities
Cash Flows From Financing Activities
Distributions to non-controlling members
Contributions from redeemable non-controlling interest
Principal payments of credit agreement
Net cash used in financing activities
Effect of foreign currency exchange rate changes on Cash and cash equivalents and Cash and cash equivalents, held for customers
Net decrease in Cash and cash equivalents and Cash and cash equivalents, held for customers
Cash and cash equivalents and Cash and cash equivalents, held for customers:
Beginning of period
End of period
Cash and cash equivalents
Cash and cash equivalents, held for customers
Cash and cash equivalents and Cash and cash equivalents, held for customers
- End of period
Supplemental disclosures of cash flow activities
Net cash paid for taxes
Supplemental disclosure of non-cash investing activities
Non-cash recognition of lease right-of-use assets
Supplemental disclosure of non-cash financing activities
Paid-in-kind interest - New Secured Notes
- 10,392
7,412
3,235
25
20,324
178
15,633
13
1,435
214
(309)
(74)
(38,550)
(6,373)
(4,211)
10
(206)
6,757
348
16,253
(1,583)
(8,070)
(9,653)
(1,562)
10,000
(32,020)
(23,582)
(6,749)
(23,731)
354,894
- 331,163
-
82,001
249,162
- 331,163
723
2,525
15,633
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Disclaimer
Global Brokerage Inc. published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 14:14:04 UTC.
